Agnico Eagle Mines Restricted has reported a optimistic funding choice for its Hope Bay undertaking, in Nunavut, Canada, following the completion of a preliminary financial evaluation that contemplates an underground mining operation supported by a 6,000 t/d processing facility with estimated annual gold manufacturing of between 400,000 and 435,000 oz.
The 2026 examine outlines an preliminary mine lifetime of 11 years, with substantial upside potential from regional exploration throughout the extremely potential 80-km greenstone belt extending south from the Doris mine to the Boston deposit, the place the corporate continues to pursue an aggressive exploration program, Agnico says.
Ammar Al-Joundi, Agnico Eagle’s President and Chief Govt Officer, stated: “We’re extremely happy with our workforce for reworking Hope Bay from a imaginative and prescient into one in every of Canada’s most necessary new mines in simply 5 years. With anticipated annual manufacturing of over 400,000 ouncesand complete money prices beneath $1,000 per oz, based mostly on solely half the declared mineral sources drilled, Hope Bay has the potential to evolve right into a long-life, district-scale mining camp for many years to come back.
“The development and redevelopment of Hope Bay will assist the lengthy‑time period sustainability of our Nunavut working platform at between 800,000 ouncesand 1 Moz of annual gold manufacturing and represents the primary main milestone towards delivering our focused 20% to 30% manufacturing progress over the following decade. We’re additionally proud that this funding will contribute to the financial growth of northern Canada and allow significant, lengthy‑time period financial participation for Indigenous organisations and companions, together with the Kitikmeot Inuit Affiliation.”
The beginning-up plan contemplates three mining fronts (Doris on the Doris deposit; and Madrid and Patch 7 on the Madrid deposit) supported by a standard 6,000 t/d milling facility. This might see common annual regular state gold manufacturing of roughly 435,000 ouncesand a median of roughly 408,000 ouncesover the complete preliminary 11-year mine life.
The preliminary growth capital expenditures are estimated at roughly $2.4 billion, together with reconstruction of the processing facility, addition of a 37 MW diesel generator energy plant, cellular tools, upgrades to the tailings facility and roughly 33 km in underground growth, positioning the operation for multi-decade potential.
Detailed engineering on the undertaking is roughly 62% full, offering a excessive stage of confidence within the capital value estimate and execution plan, the corporate says. Vital floor infrastructure upgrades have been accomplished, together with enhancements to port amenities, camp infrastructure and water administration programs, supporting the ramp-up of building actions.
The 2026 examine is predicated on a mineral useful resource estimate which depends on a drill database cut-off of August 28, 2025. The corporate has since drilled greater than 130 holes totalling over 100,000 m at Hope Bay to the top of April 2026 in an ongoing exploration program. Latest exploration outcomes present the potential to considerably develop the underground mineral useful resource between Suluk and Patch 7, to the south of Patch 7 in direction of Patch 14, and at depth.
Over the following three years, as a part of the corporate’s exploration price range, greater than $100 million in exploration spending is deliberate at Hope Bay, primarily centered on conversion and enlargement drilling of the present underground mineral useful resource. Work in 2026 contains continued testing and extension of the Patch 7 zone and the resumption of diamond drilling at Boston.
